I have often heard it said that if you want your business to succeed you should hire and surround yourself with people who are smarter than yourself. In the modern business world companies are finding it more and more difficult to compete solely on product, especially as it seems that every company a given industry is producing the (or very similar) products. Even competing on quality is a hard sell in the modern market as quality standards have become intense as consumer expectations have continued to rise. Thomas Davenport, professor of information technology and management at Babson College in Massachusetts is also the forerunning spokesperson for analytics and the use of them in business to achieve a competitive edge.
Becoming a competitor on the analytic edge of business involves several factors, including hiring the people who are smart about statistics and analysis to be able to interpret the data that firm has collected, as well as being able to determine the exact data that needs to be accumulated from the entire enterprise and even the industry to best direct the approach of the business (Davenport,2006).
Davenport expresses the need for a widespread use of modeling to take the basic statistical data to a new level. By generating predictive models firms become better able to determine the places in the business and the customers that will help to drive the greatest potential profitability while at the same time determining those customers who are most likely to discontinue their relationship with the firm. These tests can theoretically analyze the possible outcomes of business factors on profitability and provide viable options for things such as price point, shipping costs and even product R&D (Davenport,2006).
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...g closed on Sundays (the accepted Sabbath of the majority of Christendom), not just giving employees the choice to be off Sundays, but to be closed completely, almost boggles the mind. How can they be so profitable? I think that Malachi 3:10 says it well: “Bring ye all the tithes into the storehouse, that there may be meat in mine house, and prove me now herewith, saith the Lord of hosts, if I will not open you the windows of heaven, and pour you out a blessing, that there shall not be room enough to receive it.”
Statistics may never show it, I know my own budget does not work on paper, but the more faithful we are to the principles of the gospel of Jesus Christ and the commandments of God, both in our personal and professional lives, the more God will “open you the windows of heaven, and pour you out a blessing, that there shall not be room enough to receive it.”
In addition enterprise analytics must allow for the information to be easily viewed and readable to the persons that must make the critical business decisions that can lead to the success or failure of an organization. Enterprise analytics gives executives a way to see what is happening across the organization at any time. This is the kind of real time knowledge that executives need to keep their companies competitive in the work place.
Data Analytics has significantly grown in less than two years, this quick growth has caused the company to evaluate the IT environment and its ability to support the growth and secure the data of the company. The CEO is expecting the company to grow 60% over the next two years; with the success of the company it has been determined that a change to the current IT environment and infrastructure must occur to better support the employees and the customer base.
Kristy May, the company’s CEO and the individual who will be leading the project, estimates that the probability of implementation is 99% (K. May, personal communication, September 23, 2016). Google Analytics is a free and easily accessible tool (Warner, 2015). Therefore, the only costs associated with the project will be the time required to understand and implement a well designed Analytics Program (Warner, 2015). May believes the opportunity costs associated with her time is well worth the potential payoff for the company (K. May, personal communication, September 23, 2016).
6. Kaushik, A. (2010). Web analytics 2.0: The art of online accountability & science of customer centricity. Indianapolis, IN: Wiley.
Manyika, J. (2011, May 1). Big data: The next frontier for innovation, competition, and productivity. McKinsey & Company. Retrieved May 13, 2014, from http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation
This gives their employees a day off to recuperate from the week, have family time, and as the owner of the company states, “to worship if they so choose to do so”. This might be a huge controversial issue to some but the numbers speak for themselves. It works. Period.
The web analytic has evolved in massive way in recent past, because of which the companies have to deal with quantitative data, qualitative data, competitive intelligence marketing trends costumer behavior and many more, and to deal with these issues a company need a proper skilled analyst with the correct power of analytical tool. Now consider a situation that a company has invested a huge amount of money acquiring the most advance analytical tool and hired a very expensive web analytical contractor to set up the tackling strategy and utilized the ability of an in-house developer to implement the tool. But due to some reason the contractor has left and the in-house developer has been moved to some other project and the company is left with huge undefined numbers unanswered business queries and with one or two analysts. This is the best situation to use the 10/90 rule, according to which the company should have invested 10% on a web analytical tool (Omniture, Coremetrices etc.) and rest 90% should be spending on the people to analyse the numbers and on a team of web analysts to analyze and gain valuable
At the very beginning of the internet age in the early 1990’s, web analytics was only available to a few, large organizations that could sufficiently invest in its effective implementation. Small businesses were left in the dark in gaining insights about their website. The only viable option was to survey customers through the mail or in-person to evaluate whether they visit the site, when they visit the site, for how long they visit the page, and any recommendations that they had for website improvements. This approach can be relatively costly, and produce results that are unreliable. With the onset of Google analytics, small businesses were finally enabled to answer those critical questions regarding website performance without having to
The statistical inferences I have observed are mostly in one dimension. The use of Dash Boards (unfulfilled orders, open tickets, etc.) the creation of Fusion Center used in many occasions as past performance but not to try to anticipate future behaviors or to capture changes in demand on the spot. The spreadsheets, and graphs that are displayed are at most per supply chain and not as a metric compared to the standard metrics decided by senior leadership. The intention of senior leadership is to go in the direction of enterprise analytics but I see it is relatively in its
Companies have transformed technology from a supporting tool into a strategic weapon.”(Davenport, 2006) In business research, technology has become an essential means that many organizations use in their daily operations. According to the article, Analytics is a major technological tool used. It is described as “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions."(Davenport, 2006) Data is compiled to enhance business practices. When samples are taken, they are used to examine research and understand how to solve problems or why situations are as they are. Furthermore, in this article, Thomas Davenport discusses analytics from a business standpoint. He refers to organizations that have been successful in their usage of data and statistical analysis. In addition, he also discusses how data and statistics can be vital in the efforts to improve the operations of businesses.
Able to make valid and clear conclusions about the competition faced by the business, based on the analysis.
Google Analytics offers various features and state of the art tools that can aid website owners to understand their users better. The data collected from Google Analytics will help to monitor the progress and the performance of your website. Google Analytics does not only understand the behavior of website users but it is also a powerful tool that business owners and e-commerce companies can use to uncover a tremendous amount of data that can be used to enhance marketing and business strategies. Since Google Analytics offers numerous data, one needs to determine which tools they are going to use based on the company’s goals and marketing strategies. This paper will discuss the tools to use for small business
Pine, B.J., Peppers, D. & Rogers, M. (1995). Do you want to keep your customers?. Harvard Bussiness Review. March-April. pp. 103-104.
Google analytics can be applied in big as well as small businesses to support decision-making processes. In sense, each kind of business has its own
The dynamics of our society bring many challenges and opportunities to the business world. Within the last decade, hundreds of jobs have emerged particularly in the technology sector to help keep up with the ever-changing world and to compete on a larger and better scale than the competition. Two key job markets and the basis of this research paper are business intelligence or BI and data mining or DM. These two fields play a very important role in small to large companies and are becoming higher desired sectors within the back offices of the workplace. This paper will explore what the meaning of BI and DM really is, how they are used and what we can expect as workers and learners of the technology and business fields for the future.